NEW YORK (AP) – Stocks are falling in another erratic day of trading on Wall Street Wednesday, tacking on more losses to their end-of-day slide from a day before.
The market has been wavering the last couple weeks after coming off its best month in a generation, as optimism about reopening the economy collides with worries about the dangers of lifting restrictions too soon.
The S&P 500 was down 0.7%, as of 11 a.m. Eastern time, with three out of four stocks in the index falling. Trading was volatile, and the index went from an early loss of 1.1% to a gain of 0.1% and back to more losses, all in the span of 90 minutes.
The Dow Jones Industrial Average was down 267 points, or 1.1%, at 23,497. The Nasdaq composite was down 0.2%.
Treasury yields were lower in another sign of pessimism about the economy and inflation, after swinging up and down as Federal Reserve Chairman Jerome Powell warned about the threat of a prolonged recession. He said the U.S. government may need to pump even more aid into the economy, which is bleeding millions of jobs every week.